Transaction costs, institutional rigidities and the size of the clean development mechanism

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Forestry-based carbon sequestration projects in Africa: Potential benefits and challenges (2008, background): “As a result, transaction costs can vary from US$1.48 per tCO 2 for large projects to as high as US$14.78 per tCO 2 for small projects (Michaelowa and Jotzo, 2005).”
Evolution of international carbon markets: lessons for the Paris Agreement (2019, background): “The size of the carbon market would be driven by Annex B demand, on the one hand, and institutional barriers in host countries, on the other (Michaelowa & Jotzo, 2005).”
The Copenhagen Accord: abatement costs and carbon prices resulting from the submissions (2011, background): “…Japanese government that Japan does at least 60% domestically, and (3) the likelihood that any US cap and trade regime would limit offsets from CDM and focus more on domestic abatement. to consist of a constant USD12 0.55 per tCO2eq emissions plus 2% of the total costs (Michaelowa and Jotzo, 2005).”
THE EU 20/20/2020 targets: An overview of the EMF22 assessment (2009, background): “Besides, the non-ETS and CDM warrant markets are untested, while the CDM market is less than perfect (Michaelowa and Jotzo 2005).”